Paton, Iowa Property Taxes
The median property tax rate in Paton, IA is 0.79%, lower than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Paton at $209,104, the typical annual property tax bill amounts to $1,752, which is below the national median of $2,690. Property taxes in Paton are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Paton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Paton or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,652
Ownwell’s Paton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Paton, Iowa
Property taxes in Paton, Iowa, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paton is 1.25%, slightly higher than both the Iowa state median of 1.17% and the U.S. national median of 0.99%. Local government entities within Paton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paton estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Paton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50217 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Paton provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paton Tax Rate
0.79%
Average Boone County Tax Rate
1.33%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | 0.71% | 0.74% | 0.79% | 0.89% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Paton, Iowa
In Paton, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Boone County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Paton, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Paton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Paton are both $1,752, found in zip code 50217.
Average Paton Assessed Value
$209,104
Average Boone County Assessed Value
$185,354
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | $97,973 | $170,671 | $209,104 | $306,964 | $323,349 |
Source: Ownwell
Property Tax Bills Across Paton, Iowa
In Paton, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For instance, the median home price in Paton is $209,104. Homeowners in the 25th percentile pay around $1,321 annually, while those in the 75th percentile see bills closer to $2,351. At the 90th percentile, tax bills can reach up to $2,948. Comparatively, the national median property tax rate is 0.99%, making Paton's rates relatively moderate. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must budget for these expenses as part of their overall housing costs.
Average Paton Tax Bill
$1,752
Average Boone County Tax Bill
$2,464
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Paton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50217 | $1,060 | $1,321 | $1,752 | $2,351 | $2,948 |
Source: Ownwell